|9 Months Ended|
Sep. 30, 2018
|Discontinued Operations and Disposal Groups [Abstract]|
The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment: (1) subsidiaries divested in 2011 and prior, (2) two previously closed locations, and (3) our Perma-fix of South Georgia, Inc. (“PFSG”) facility, which is currently in the process of undergoing closure, subject to regulatory approval of necessary plans and permits.
The Company’s discontinued operations had losses of $131,000 and $145,000 for the three months ended September 30, 2018 and 2017, respectively (net of taxes of $0 for each period) and losses of $495,000 and $436,000 for the nine months ended September 30, 2018 and 2017, respectively (net of taxes of $0 for each period). The net loss for the six months ended September 30, 2018 included an increase of approximately $50,000 in remediation reserve recorded in the second quarter of 2018 for our Perma-Fix of Dayton (“PFD”) subsidiary due to reassessment of the remediation reserve. The remaining losses for each of the periods noted above were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above.
The following table presents the major class of assets of discontinued operations at September 30, 2018 and December 31, 2017.
(1) net of accumulated depreciation of $10,000 for each period presented.
The Company’s discontinued operations include a note receivable in the amount of approximately $375,000 recorded in May 2016 resulting from the sale of property at our Perma-Fix of Michigan, Inc. subsidiary. This note requires 60 equal monthly installment payments by the buyer of approximately $7,250 (which includes interest). At September 30, 2018, the outstanding amount on this note receivable totaled approximately $214,000, of which approximately $76,000 is included in “Current assets related to discontinued operations” and approximately $138,000 is included in “Other assets related to discontinued operations” in the accompanying Consolidated Balance Sheets.
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef